Goodrich Corporation and Rolls-Royce Group plc said on Jan. 2 that they have formed a joint venture company to develop and supply engine controls for Rolls-Royce aero engines. The transaction closed on December 31, 2008.
The joint venture, Rolls-Royce Goodrich Engine Control Systems Limited, operates as Aero Engine Controls. Each of the two companies owns 50% of Aero Engine Controls. Goodrich will handle aftermarket products and the services business for the joint venture’s products.
Curtis Reusser, Electronic Systems Segment President at Goodrich, said: “Today signifies a strategic step for Goodrich and Rolls-Royce that builds on a long relationship between the two companies. In combining the skill, knowledge and expertise of both companies, we have created a single world-class team to provide exceptional technology and value for engine control systems.”
The companies first stated their intention to form the joint venture on August 14 and the signing of an agreement to form the joint venture on December 22. As part of the transaction, Goodrich received $100 million in cash, which was used to make “a voluntary incremental contribution to its pension plan,” Reusser said.
For information: http://www.goodrich.com.